2022 (9) TMI 1328

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....n period. In these sort of matters, initially the department decided not to file any appeal, thereafter Circular was issued by the CBDT directing that monetary exempt limit shall not apply to cases of LTCG/STCG involving penny stocks. In the case of Principal Commissioner of Income Tax-15, Kolkata Vs. Dinesh Kumar Bansal (HUF) dated 25.03.2022 in ITAT No. 31 OF 2020, the Court has elaborately considered an identical issue with regard to condonation of delay and the effect of the Circular issued by the CBDT. Thus following the above decision, the delay in filing the appeal is condoned. The application for condonation of delay is allowed. ITAT/113/2022 This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the Act, fo....

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....ot to be allowed and the assessee has paid Commission outside books for availing the bogus Long Term Capital Gain in the case of the assessee for the Assessment year 2014-15 when such claim was fraudulent and not to be allowed? iv) Whether the Learned Tribunal has committed substantial error in law in deleting the addition under section 68 of the Act, 1961 amounting to Rs.39,76,500/- on account of disallowance of the claim of LTCG at Rs.39,49,493/- treating the same as fraudulent overlooking the fact that the entire transactions were stage managed with the objective of facilitate the assessee to plough back its unaccounted income in the form of sale proceeds related to fictitious LTCG and claim bogus exemption, thereby giving rise to the....

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....harged to income tax as the income of the assessee of that previous year ? ix) Whether the Learned Tribunal has committed substantial error in law by not holding that the Assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the Assessing Officer, failure of which would justify addition of the said amount to the income of the assessee ? x) Whether the Learned Tribunal has committed substantial error in law when the Learned Tribunal failed to give credence to investigations made by the Assessing Officer, Investigation Wing of the Income Tax Department as well as SEBI on astronomical rise in price of shares of companies which have no net worth and no financial foundation and thereby fa....